U.S.-listed international cable TV and broadband services provider Liberty Global PLC (LGP) has launched a €10 billion cash and share takeover bid for Netherlands-based cable operator Ziggo N.V. As a consequence, we anticipate a more aggressive financial policy at Ziggo Bond Co. B.V. (Ziggo). We are therefore placing on CreditWatch negative our 'BB' long-term corporate credit rating on Ziggo and our 'BBB-' and 'BB-' issue ratings on Ziggo's senior secured and senior debt. At the same time, we are also assigning the group's proposed senior secured term loan our 'BB-' issue rating and the proposed exchanged senior notes our 'B' issue rating. The CreditWatch placement indicates the possibility of us downgrading Ziggo by one notch, to 'BB-', if the acquisition
